HARLINGEN - Federal and state environmental officials have given approval for a 690-megawatt electric power plant to be built just east of Valley International Airport.

La Paloma Energy Center will cost more than $500 million and take about two and a half years to build, said Kathleen Smith of Plano-based Coronado Power Ventures. The plant will be located on an 80-acre site just east of Harlingen.

The facility is going to bring 650 and 800 jobs over the next two to three years in construction alone and about 30 to 35 high-paying engineering jobs will be created after construction is completed, according to Mayor Chris Boswell.

The construction project itself will be a major economic boost for the area and the power plant — which can supply the needs of up to 700,000 homes — should draw more industry and development to the area, according to Boswell.

Power that will be produced at the Harlingen plant is now being sold on a wholesale basis to municipal and South Texas electric cooperatives.

Coronado plans a similar power plant for the Edinburg area, but it is not as far along in the development process, Smith said.

“The projects are independent of each other and the Harlingen project has received its permits and is moving forward to construction,” Smith said. “The Edinburg project is still early in development and will be a project in the future, beyond Harlingen.”